Peoples Bank Of China (PBOC) has developed a blockchain system to digitize paper checks. This system aims to avoid financial fraud and reduce costs for printing checks.
As a central bank, POBC has one sole purpose, namely to achieve and maintain the stability of the Yuan value. POBC has had many financial assets from every public financial institution.
The role of POC itself will generally make policies on the macro side. While the bank regulator and insurance will execute the policy.
According to digital currency research department bank officials, this platform emerged after one year of development.
He said that the check would be approved and all operations would be carried out by a smart contract.
Chinese officials hope that examination of digitization will make the examination more transparent and less vulnerable to fraud.
System developers emphasize that technology consensus algorithms meet the timeliness requirements of financial services. The digital billing system allows a short transaction time of around 3 seconds and ensures that the transaction has been completed and cannot be damaged.
The Chinese government is known for its skepticism about the krypto currency, after banning currency trading and ICOs. But the Chinese authorities have enthusiastically adopted blockchain technology, and last year China filed more patent blockchain technology with WIPO.
In May the President of China Xi Jinping, spoke to support blockchain technology at the 19th annual conference of China University in Beijing.
Xi claims that blockchain is one of several innovative developments in new generation technology.